SPX Flow (FLOW) Tops Q4 EPS by 19c, Revenues Beat

SPX Flow (NYSE: FLOW) reported Q4 EPS of $0.56, $0.19 better than the analyst estimate of $0.37. Revenue for the quarter came in at $396.1 million versus the consensus estimate of $350.16 million.

"I am proud of the courage, compassion and commitment demonstrated by our global team members in 2020. Despite the many personal and operational challenges imposed by the COVID-19 pandemic, our people focused their efforts on creating a better customer experience, improving our culture of belonging and driving profitable growth in our key products and services. This organizational resiliency is evident in our financial results; gross margin expansion, working capital improvement, and delivering sequential growth in the second half of the year. In addition, our strong balance sheet positions us well to pursue high-quality investments both organically and through acquisitions," said Marc Michael, SPX FLOW President and CEO.

"As we turn the page to 2021, end markets are showing signs of recovery, but the full year economic outlook remains uncertain. We remain focused on those items under our control; investing in our products and operations, delivering a great customer experience, and building a culture of productivity and high performance. The deployment of 80/20 into the organization provided a foundation that is already simplifying how we do business and allowing us to identify areas of emphasis for profitable growth and address inefficiencies. We expect that our productivity initiatives will reduce our overall cost of doing business, including a plan to achieve $25 million dollars of annualized SG&A cost savings in 2022 while simultaneously realigning our cost structure to support growth. I want to thank our team members, customers and suppliers for their support and commitment throughout 2020 and express our excitement about working with our customers to provide the expertise and solutions they need to keep their businesses running," concluded Michael.

For earnings history and earnings-related data on SPX Flow (FLOW) click here.

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